The electoral bonds data submitted by SBI to the Election Commission has some interesting names — the data has raised concerns when it comes to the donations made by the leaders in the healthcare and pharma space.
The top buyer of the bonds from this space was Yashoda Super Speciality Hospital, which bought 162 bonds of ₹1 crore each, totalling ₹162 crore. This is followed by Dr Reddy's Laboratories, which too bought bonds of ₹1 crore each and that too 80 times, totalling ₹80 crore.
Yashoda Hospital, interestingly, drew flak from the Income Tax Department in December 2020. Dr Reddy's too faced I-T action in November 2023. Tax sleuths took action against Dr K Nagender Reddy of Dr Reddy's over allegations of tax evasion. This was part of a larger operation involving searches at the premises of the then Telangana Education Minister Sabitha Indra Reddy.
Next on the list from the pharma and healthcare space is Torrent Pharmaceuticals Limited, which bought bonds worth ₹77.5 crore, Natco Pharma Ltd bought bonds worth ₹69.25 crore.
Other big names include Hetero Drugs Limited Hetero Labs Limited, and Hetro Biopharma Limited, all related entities which bought bonds worth ₹60 crore.
Hetero Pharma too faced I-T action in 2021, after the department found unaccounted income to the tune of ₹550 crore during raids against the Hyderabad-based group. So far, the department has seized over ₹142 crore in cash in raids, CBDT said in a statement in October 2021.
Drug firm Divi's Laboratories, which faced I-T search operations at its premises including its head office and manufacturing sites between February 14 and 18, 2019, under Section 132 of the Income Tax Act, to figures on the list. It bought bonds worth ₹55 crore.
"The company has extended full cooperation to the officials during the search and provided all the information sought. The search operation concluded on February 18, 2019, and no irregularities have been found," Divi's Laboratories had said in a regulatory filing.
Some of the other names in this space include that of Aurobindo Pharma Limited, which faces accusations of involvement in the Delhi excise policy liquor case
The company has made donations of over ₹50 crore.
The ED arrested company director P Sarath Reddy in November 2022 in connection with the case
While the company made donations of about Rs 2.5 crore in 2021, the majority of its electoral bond purchases were made in 2022 and 2023.
Other big names
Cipla Limited — purchased about ₹40 crore in bonds.
MSN PharmaChem Pvt Ltd, MSN Laboratories Pvt Ltd, MSN Organics Pvt Ltd — the entities together purchased bonds worth about ₹38 crore
Sun Pharma Laboratories Limited purchased bonds worth about ₹31.5 crore.
Mankind Pharma Limited — about ₹24.6 crore in bonds. The I-T Department on May 11 last year conducted raids on the premises of Mankind Pharma over allegations of tax evasion. Company premises and plants in Delhi and nearby locations were covered, documents checked, and company executives were questioned as part of the action, which came two after the company made its stock market debut. In a BSE filing, Mankind Pharma said it was extending "full cooperation" to the department.
Intas Pharmaceuticals Limited — bonds worth ₹20 crore.
Bharat Biotech International Limited – about ₹10 crore
Glenmark Pharmaceuticals Ltd — about ₹9.75 crore
Kiran Mazumdar Shaw, founder of Biocon Limited — about ₹6 crore
In all, there are about 40 entities from the pharma and healthcare space which are part of the list.
